1 Mavericks

8/11/2019 1 Mavericks

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Submitted to Prof. Manas

Chakravarty


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Contents:

Introduction

Biography

Formal Education

Teaching Career

Tutoring & Travels

Personality & Beliefs

Legacy


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IntroductionAdam Smithwas a Scottish moral philosopher and a pioneer of political

economy and one of the key figures of the Scottish Enlightenment.

Hes also known as the Father of Economics.

BornJune 5th, 1723.

Place - Kirkcaldy, United Kingdom

Nationality - ScottishEducation - Kirkcaldy High School (17291737), University of Oxford,Balliol College, University of Edinburgh, University of Glasgow

Published Works

The Theory of Moral Sentiments (1759)

An Inquiry into the Nature and Causes of the Wealth ofNations(1776)

DiedJune 17th, 1790

BuriedCanongate Kirkyard


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Biography

Smith was born in Kirkcaldy, in the country of Fife, in Scotlandin 5thJune 1723.

Smith was very close to his mother, who probably encouragehim to pursue scholarly ambitious.

Smith attended the Burgh School of Kirkcaldy i.e. one of thebest secondary school of Scotland at the period from 1729-1737 in which he learn Latin, Mathematics, History.

Smith died in 17thJuly 1790 at the age of 67 in Edinburgh,Scotland.


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Formal Education

At the age of 14 in 1737, Smith entered the university of Glasgowand studied Moral philosophy under Francis Hutchison anddeveloped his passion for liberty, reason and free speech.

In 1740, Smith graduated with scholarship, as an undertakenpostgraduate studies at Balliol College, Oxford under the Snellexhibition.

He continued his teaching at Glasgow in which he foundintellectual stifling.

Smith spent largely in self education from which he obtained a

firm grasp of both classical and contemporary philosophy. Smith took the opportunity at Oxford for teach himself several

subjects by reading many books from the large Bodleian library.


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Teaching Career

Smith began delivering public lectures in 1748 inUniversity of Edinburgh, sponsored by the PhilosophicalSociety of Edinburgh.

His lecture topics included rhetoric and belles-lettres andlectures that met with success.

He wrote on topics that cover history, politics, philosophy,economics, and religion.

In 1751, Smith earned a professorship at GlasgowUniversity teaching logic courses, and in 1752 Smith waselected a member of the Philosophical Society of Edinburgh.


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Continued

His teaching was concerned with how human morality depends onsympathy between agent and spectator, or the individual and othermembers of society.

Smith defined "mutual sympathy" as the basis of moral sentiments. He

based his explanation, not on a special "moral sense nor on utility buton mutual sympathy.

Smith began to give more attention to jurisprudence and economics inhis lectures and less to his theories of morals.

In 1762, the University of Glasgow conferred on Smith the title ofDoctor of Laws.

At the end of 1763 Smith obtained a lucrative post as tutor and

resigned his professorship.


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Tutoring & Travels

Smith first travelled as a tutor to Toulouse , France where he stayed forone & half year.

After touring from Southern France, he moved to Geneva where he

meet the philosopher Voltaire.

From Geneva, Smith moved to Paris where he met intellectual leaderslike Benjamin Franklin and Francois Quesnay - the head of thePhysiocrats School.

Smith was so impressed by Francois Quesnay that he dedicated hisbook The Wealth of Nations to him.


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Later Years

1766 : Smith tour as a tutor ended and Smith return to homeKirkcaldy.

1773 : Smiths was elected fellow of the Royal Society of London.

1775 : He was elected as a member of the Literary Club.

1776 : The book of The Wealth of Nations was published.

1778 : Appointed as commissioner of customs on Scotland and live

with his mother in Panmure House in Edinburghs Canongate.

17871789 : Occupied the honary position of Lord Rector of theuniversity of Glasgow.


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Personality & Beliefs

Character:

His personal papers were destroyed on his request afterdeath.

Smith was described by several of his contemporaries &

biographers as comically absent-minded. He was anintrovert, was known to talk to himself and also smilingin rapt conversation with invisible companions.

Smith was reported to have been odd-looking fellow.

Smith rarely sat for portraits. Mostly all depictions of him

created during his lifetime were drawn from memory. The best known portraits of Smith are profiled by "James

Tessie" and two sketching by "John Kay".


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Religious views

There has been considerable scholarly debate about the nature of Smith's

religious views:

Anglo-American economist Ronald Couse has challenged the view that Smithwas a deist, based on the fact that Smith's writings never explicitly invoke God

as an explanation of the harmonies of the natural or the human worlds.

According to Couse, Smith does sometimes refer to the curiosity of mankindabout the "great phenomena of nature", such as "the generation, the life, growthand dissolution of plants and animals", has led men to "enquire into theircauses", and that "superstition first attempted to satisfy this curiosity, byreferring all those wonderful appearances to the immediate agency of the gods.

Some other authors argue that Smith's social and economic philosophy isinherently theological and that his entire model of social order is logicallydependent on the notion of God's action in nature.


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Published Works

The Wealth of Nations Summary Books I and II focus on developing the idea of the division of labour,

and describing how this division adds to the opulence of a givensociety by creating enormous surpluses, which can be exchangedamong members. The division of labour also fuels technological

innovation, by giving intense focus to certain tasks, and allowingworkers to brainstorm ways to make these tasks more efficient. This,again, adds to efficiency and grows surpluses. Surpluses, Smith writes,may be either traded or re-invested. In the latter case, technologies arelikely to improve, leading to even greater efficiencies.

Book III considers Great Britain in the context of the social evolutionof society in general, which begins, according to Smith, with huntingand gathering societies and progresses through agricultural stages toarrive at a state of international commerce. According to Smith, thefall of Rome and the rise of feudalism retarded this progression bycreating a system of decreased efficiency.


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Continued.

Book IV goes on to criticize the mercantile commerce thatcharacterized much of Smith's Europe. Smith's first major criticism ofmercantilism is that it conflates value and wealth with preciousmetals. According to Smith, the real measure of the wealth of a nationis the stream of goods and services that the nation creates. In makingthis point, Smith invents the idea of gross domestic product, which hasbecome central to modern economics. The wealth of a nation isincreased not by hoarding metals, but by increasing the productivecapacity by expanding the marketby increasing trade.

An important theme that persists throughout the work is the idea thatthe economic system is automatic, and, when left with substantialfreedom, able to regulate itself. This is often referred to as theinvisible hand.

Finally, in the last book of The Wealth of Nations, Smith describeswhat he considers to be the appropriate roles of government, namelydefence, justice, the creation and maintenance of public works thatcontribute to commerce, education, the maintenance of the dignity ofthe sovereign,activities that are to be financed by fair and cleartaxation.


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The Theory of Moral S

nt m nts

In the year 1759, Smith published his first book "The Theory ofMoral sentiments". He continued making extensive revisions to thebook up until his death.

Smith himself believed "The theory of Moral Sentiment" to be asuperior work.

In his this book he critically examines the moral thinking of histime. His motive in writing this book was to explain the source ofmankind's ability to form moral judgments, in spite of man'sinclinations towards self-interest.

Smith develops a theory of psychology in which individual seekthe approval of the "Impartial spectator". As a result of a naturaldesire to have outside observes sympathize with them.


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Legacy

In Economics:

Division of labour:

Divided tasks

Firms became more productive

Self interest:

We all are motivated by nothing other than our own self-interest.

The desire to better our condition in life.

Profit motive is thus the main stimulus for economic growthand prosperity.


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Continued.

Portraits, Monuments & Banknotes

Smith has been commemorated in the UK on banknotes printed by

two different banks.

His portrait has appeared since 1981 on the 50 notes issued by theClydesdale Bank in Scotland.

In March 2007 Smith's image also appeared on the new series of 20notes issued by the Bank of England.

At the University of North Carolina at Charlotte, outside the BelkCollege of Business Administration, is Adam Smiths Spinning Top.


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Continued.

As a symbol of free market economy:

People have to specialise which creates a need for market.

People can sell and buy what they want and need.

An individual owns the factors of production and makes decision.

Economic efficiency: responds quickly to changing conditions.

Economic equality: self-interest.

Encourages entrepreneurs to seek new ideas and innovations. Usually associated with a democracy.


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Presented by

Team MavericksSantosh Kumar Das (Coordinator)

Sandeep Linda (Alt. Coordinator)

Rajpritam Parasar

Raktim Rajkhowa

Bhumika Bunha

Kunal Thacker

Pankaj Mundra

Niket Teckwani


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